The Central Bank of Iraq (CBI) reaffirmed its commitment to global cooperation in fighting money laundering and terrorism financing. Governor Ali Al-Alaq emphasized that Iraq continues to engage international partners to support this mission and align with global standards.
Al-Alaq made these remarks during a major conference in Baghdad focused on money laundering and terrorist financing. He highlighted that Iraq remains determined to improve financial monitoring and prevent illegal currency flows. According to him, Iraq stands out for its data transparency and regulatory access, which support global anti-money laundering efforts.
The governor acknowledged past weaknesses in Iraq’s financial system. However, he explained that the CBI had already adopted necessary measures to strengthen oversight and reduce financial crimes. These steps mark a crucial part of the ongoing financial reform in Iraq.
Al-Alaq also stressed that Iraq is improving information sharing with foreign institutions. Broad communication networks are enabling smoother cooperation between Iraq and the global financial community. These international links help Iraq better track cross-border financial movements and combat illicit transactions.
Last month, the CBI introduced a wide-ranging reform strategy to reshape Iraq’s banking industry. The plan aims to build a resilient, innovative, and competitive private banking sector. This financial reform in Iraq focuses on expanding access to banking services, driving economic growth, and increasing trust in financial institutions.
According to the CBI, the reform program centers on three goals: improving financial inclusion, boosting private banks’ productivity, and enhancing sector stability. By promoting digital tools and educational programs, Iraq wants to make banking more accessible to people across the country.
The strategy also strengthens legal and regulatory frameworks. It introduces stronger safeguards for both depositors and creditors to restore public confidence. These changes aim to support long-term investment and stimulate broader financial participation.
As part of these reforms, the CBI will introduce digital identity systems to reinforce anti-money laundering efforts. These technologies will make customer verification faster and more secure, reducing opportunities for fraud.
Financial reform in Iraq reflects the nation’s broader vision of transparency, growth, and security. Through these efforts, Iraq hopes to become a more trusted and dynamic player in the global financial system.
